Roehl Niño Bautista · · 2 min readMAS stops crypto platforms from advertising in public
The Monetary Authority of Singapore (MAS) has ordered digital payment token or cryptocurrency service providers to stop their public marketing and advertising campaigns.
Photo credit: Monetary Authority of Singapore
According to MAS’ statement, cryptocurrency firms cannot market their services on public transport, public transport venues, public websites, social media platforms, broadcast and print media, or on physical ATMs. They are also barred from promoting their products via social media influencers and other third-party marketing services.
These platforms will only be limited to advertising their services on their own digital channels, such as corporate websites, mobile apps, and social media accounts. MAS added that these firms should not trivialize the risks of trading tokens in a manner that contradicts the risk disclosures under the Payment Services Act.
“MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public,” said Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS.
See also: Behind the crypto project backed by Temasek, JP Morgan, DBS
Singapore has been tightening the restrictions on crypto and digital assets trading in the city-state. At the end of last year, MAS issued warnings to crypto exchange Binance and also blocked certain functions of the platform. Following this development, Binance withdrew its application for a crypto license in the country.
Editing by Collin Furtado and Lorenzo Kyle Subido
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